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 NEW YORK, Dec. 10 /PRNewswire/ -- The Green Point Savings Bank announced today that its depositors have approved its plan of conversion to a New York stock savings bank. More than the 75% of the votes supported the conversion at today's Depositors' Meeting.
 Thomas S. Johnson, Green Point's Chairman and Chief Executive Officer, stated that, "We are gratified by the support of depositors. It is a truly exciting moment in Green Point's distinguished 125-year history. Getting more than 75% of the deposit vote represents an overwhelming endorsement of the plan. On behalf of the entire Green Point family, I extend a heartfelt thank you to all of our employees and depositors who have worked so hard and supported Green Point over the past several months." "We are enthusiastic about the future. We look forward to completing the conversion process and giving our depositors the opportunity to participate in our upcoming stock offering. With the addition of up to $758 million in new capital, The Green Point will be better able to serve its communities, depositors, employees and customers."
 Green Point also stated that it is continuing to cooperate with the New York State Banking Department in its review of the plan of conversion. Green Point has fully complied in all respects with all applicable laws and regulations and believes the Banking Department will concur. Green Point has reviewed the issues raised by the Banking Department and is confident that its disclosures have been adequate and that the bank has acted responsibly.
 Review of Compensation
 Green Point also announced that to demonstrate the Green Point Board of Trustees' commitment to the conversion process, and in response to sentiments expressed by some depositors, the Board has decided to establish a special independent committee to review all Trustee compensation being established in connection with the conversion. The members of this committee will be distinguished individuals with no relationship to the Bank or its Trustees and will be announced shortly. The special committee will retain and work with an independent benefits consultant to make conclusions and recommendations to the Green Point Board following the conversion. This committee is modeled after a provision in the recently proposed amendments to the New York regulations governing mutual to stock conversion issued for public comment by the New York Banking Board.
 Johnson said, "The Board's recent actions, and their actions throughout our conversion process, have demonstrated the highest level of commitment to The Green Point and its depositors. This review should set the record straight and demonstrate that the Trustees' actions are motivated solely by what is in the best interests of our institution and all of its constituencies."
 The committee's recommendations, and the resulting actions taken by the Board, will be fully disclosed following completion of the committee's work.
 Depositor and Community Benefits
 The Green Point also stated that its conversion will be beneficial to its depositors and the communities it serves. In addition to its lending, especially to low- and moderate-income and minority neighborhoods, the conversion will lead to other direct benefits.
 The Bank has established incremental interest payments of approximately $50 million to depositors over the next several years. It will also be setting up a $50 million charitable and educational foundation. The foundation will provide grants to organizations and groups that serve basic human needs in the communities served by the Bank and college scholarships to depositors and their dependents.
 -0- 12/10/93
 /CONTACT: Richard T. Rice of Hill and Knowlton, 212-697-5600, 212-210-8716/

CO: Green Point Savings Bank ST: New York IN: FIN SU:

LG -- NY060 -- 2669 12/10/93 13:25 EST
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Publication:PR Newswire
Date:Dec 10, 1993

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